The Delayed Payment Agreement is a crucial document used in Indian business transactions when a debtor requires modification of original payment terms due to financial constraints or business circumstances. It serves to formalize the arrangement between creditor and debtor, protecting both parties' interests while ensuring regulatory compliance. The agreement typically includes detailed payment schedules, interest calculations (adhering to Indian usury laws), and possible security arrangements. It's particularly relevant in scenarios involving business-to-business transactions, MSME payments (where specific statutory provisions apply under the MSME Development Act), and general commercial dealings. The document helps prevent disputes by clearly documenting the revised terms while maintaining the enforceability of the original debt under Indian law.
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1. Parties: Identification of the creditor and debtor, including full legal names, addresses, and registration details
2. Background: Context of the original debt, including reference to original agreements and circumstances leading to delayed payment
3. Definitions: Key terms used in the agreement including 'Due Date', 'Interest Rate', 'Original Payment Terms', etc.
4. Acknowledgment of Debt: Formal acknowledgment of the outstanding amount and its origins
5. Payment Terms: Detailed restructured payment schedule, including installment amounts and dates
6. Interest and Penalties: Applicable interest rates, calculation method, and late payment penalties
7. Payment Method: Specified means of payment and banking details
8. Default Provisions: Consequences of default and remedies available to the creditor
9. Representations and Warranties: Standard declarations about capacity to enter agreement and accuracy of information
10. Governing Law and Jurisdiction: Specification of Indian law as governing law and relevant jurisdiction
11. Notices: Communication methods and addresses for formal notices
12. Execution: Signature blocks and execution formalities
1. Security Provisions: Include when additional security or guarantees are being provided for the delayed payment
2. Personal Guarantee: Include when a personal guarantee is being provided by company directors or others
3. Asset Charges: Include when specific assets are being charged as security
4. Insurance: Include when insurance is required to cover the outstanding amount
5. Early Payment Provisions: Include when early payment discounts or incentives are offered
6. Force Majeure: Include when specific circumstances might affect payment capability
7. Assignment: Include when either party needs the right to assign the agreement to others
8. Confidentiality: Include when parties want to keep the payment arrangement confidential
1. Schedule 1 - Payment Schedule: Detailed breakdown of payment installments, dates, and amounts
2. Schedule 2 - Interest Calculation: Method and examples of interest calculation
3. Schedule 3 - Original Debt Documentation: Copies or details of original invoices or agreements
4. Schedule 4 - Security Details: Details of any security or guarantees provided
5. Appendix A - Contact Details: Detailed contact information for all relevant parties
6. Appendix B - Banking Details: Complete banking information for payments
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Manufacturing
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Retail
Wholesale Trade
Infrastructure
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Energy and Utilities
Relevant Teams
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Finance
Accounts Receivable
Treasury
Credit Control
Risk Management
Commercial Operations
Company Secretariat
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Relevant Roles
Chief Financial Officer
Finance Director
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Credit Controller
Legal Counsel
Company Secretary
Treasury Manager
Financial Controller
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Commercial Director
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Contract Manager
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